What Is Included in a Homeowners Insurance Policy?

What Is Included in a Homeowners Insurance Policy?

Your home is most likely one of your most valuable investments, so it is essential to protect this asset with a good homeowners insurance policy to make sure that you are covered in the event that something unexpected happens. Not only is it a wise decision to have homeowners insurance, most mortgage lenders will actually require it when you purchase a home. If you are located in San Diego, California, and want to know more about what type of protection is included in a homeowners insurance policy, Windfall Insurance Services Inc. can help.

Homeowners Insurance: Essential Information

ronnie-george-z11gbBo13ro-unsplashThe purpose of homeowners insurance is to offer financial protection against loss or damage that can occur during an instance of a natural disaster, accident, or theft. Homeowners insurance can cover both personal possessions and the home itself, and it can also cover you if a person is injured on your property or if you cause property damage, depending on the policy. Typical policies will cover the repair of your house, personal liability if you are found responsible for injury to another person, and the replacement of your personal belongings. Although it is not legally required, most lenders will require you to purchase homeowners insurance before they offer you a mortgage. The price you will need to pay for homeowners insurance will depend on many factors, such as the value of your personal belongings, the type of coverage you opt for, and the characteristics of your home.

What Types of Things Does a Homeowners Insurance Policy Cover?

Most standard homeowners insurance policies cover the following:

  • Coverage of personal belongings – Homeowners insurance will typically cover the cost of personal property such as furniture, sporting equipment, clothing, etc. if it is stolen or damaged by a natural disaster.
  • Coverage of the home structure – A policy will cover the price of rebuilding or repairing your house if it becomes damaged by a natural disaster such as tornado, hurricane, hail, lightning, fire, etc., and detached structures like garages and sheds may also be covered by homeowners insurance.
  • Additional living expenses – If you are forced to live away from your home because of damage from a natural disaster, homeowners insurance will cover living expenses, including the cost of hotels and restaurants while you are living away from home.
  • Liability coverage – Homeowners insurance can cover you from any potential lawsuits that stem from personal injury or property damage caused by you or someone in your household. Liability covers lawyer defense fees and court costs. A policy will usually have a no fault medical clause, allowing a person that was hurt in your home to submit a medical bill to your insurance provider.

If you have questions about what is protected under your homeowners insurance policy in San Diego, California, contact Windfall Insurance Services Inc. today for a consultation.

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Windfall Insurance Services Inc
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